Financial Planning

Five great tips from CPAs for cutting your gas bill

GasolineSummer vacation's here! Time to slather on the sunscreen, pack up the car and take out a loan to pay for gas.

Gas prices hit a dubious milestone when the national average topped $4 per gallon. Everyone's looking for ways to trim their gas bills these days, and CPAs have a few suggestions of their own, courtesy of this AICPA press release:

  • Before trading in your gas-guzzler for a new, more fuel-efficient car, take into account all of the transaction expenses (including insurance, monthly payments, interest and sales tax) to make sure you'll really be paying less by driving the new car. (Steven Levey, CPA/PFS, of GHP Horwath PC in Denver)
  • “Offset high gas prices by looking at your other expenses. Eat in more and shop less. Control ATM withdrawals. It’s hard to keep track of small expenses, and they can really add up.” (MACPA member Lyle Benson, of L.K. Benson & Co., Baltimore)
  • “Try car-pooling. Ask your neighbors or take out a classified ad in your local newspaper. If it’s possible, ride a bike to work or walk.” (Michael Eisenberg, Los Angeles, member, AICPA National CPA Financial Literacy Commission)
  • “Instead of making several trips to run errands, try combining errands in order to use your car less frequently. If you live in an urban area, do your light errands on foot or by bicycle rather than by car. You’ll save on gas and get exercise at the same time.” (Beth Gamel, Pillar Financial Advisors, Waltham, Mass., member, AICPA National CPA Financial Literacy Commission)
  • “Consider gas cards that offer a percentage off on purchases, and consider public transportation.” (Marc Minker, Mahoney Cohen & Company, New York, member, AICPA National CPA Financial Literacy Commission)

What are you doing to save money on gas?

Here are some other resources that can help you save money:


Bill Sheridan